Nice work aardvarks
Hopefully they don't find a way to remove the serial interface from the drive chip entirely (aka: I'm hoping I'm not right in thinking that the cut chip legs are only a stop-gap until they run out of the current revision).
Hot glue == generally bad news. Sure, it works initially, it's fast and easily gotten, but it has other drawbacks... don't listen and eventually someone will pay the price a year down the road when the "pro" installer is not there to fix the problem (if it is fixable).
Do not put it on/around sensitive connections like those on the exposed chip legs, as the glue ages (a year from now) it will in many cases cause problems - especially if it is in a situation where it repeatedly gets warmed/cooled, such as inside a console. I have seen at least one case (someone else's PS2 chip install gone bad) where the glue became rigid and ripped a wire right off a chip leg, and have never used the stuff inside a console myself - fibre/non conductive/double sided tape, contact cement gel, or if the install is definitely permanent and working, 8 hour epoxy; any of those are much more reliable long term for holding wires in place and do not flex/age around the wire like hot glue does - which could potentially cause damage on sensitive stuff like those tiny exposed bits of leftover legs.
If you must use hot glue, only use it away from critical joints, never on components, and leave enough wire that there is a mil or two of give so the hot glue will not put mechanical stress on the joint when (not if) it ages and hardens up (the picture above should be OK, but I wouldn't want to bet on it if it got under the chip legs).
Better yet, expose the legs, use some fine copper wire (uncoated magenet wire is nice and small after 32AWG) and just connect the legs to the pads they are normally connected to (in some cases this would not be an option since so many people seem to like lifting the handy serial pads) so there is no issue with hot glue and connecting wires directly to the chip.